The Steps to Incorporate an LLC in Florida
A business becomes an limited liability company in Florida once the appropriate business formation documents get filed with the Florida department of state. An LLC cannot incorporate, but the company's owners can elect to have the company taxed like an incorporated business. This means the company has to file taxes as a business entity with the Internal Revenue Service, just like a corporation.
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Name
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Create a distinguishable business name that no other company in the state of Florida has used. The Florida department of state website allows business owners to conduct a name search online. The name of the company cannot imply that the business has an association with a government agency or a corporate entity. The phrase "limited liability company" or the abbreviation "LLC" must appear in the legal name of the business.
Articles of Organization
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A Florida LLC has a requirement to file articles of organization with the state and pay the accompanying filing fee. As of 2011, it costs $100 to file articles of organization, plus an additional $25 fee for designation of a registered agent. Fill-in-the-blank articles of organization are available for print or electronic filing on the Florida department of state website. You must answer questions about the business by indicating the location of the business, as well as the name and address of the person or business that will accept the company's legal documents. The form has to indicate the effective date when the company will come into existence,
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Operating Agreement
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Every LLC in Florida has to execute an operating agreement that provides rules and regulations for operating the business. Florida does not require the inclusion of specific information in a company's operating agreement, which allows the company to create rules specifically for the business. You may include information in the operating agreement regarding how the company conducts meetings and how profits get split among the members of the business. The operating agreement does not get filed with any state agency in Florida. A Florida LLC's operating agreement exists as an internal document that is kept at the company's primary location for business.
Employer Identification Number
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LLCs in Florida with more than one owner have to get an employer identification number from the Internal Revenue Service. Telephone or online application is the fastest way to get an EIN from the IRS. You will have to describe the company's business activities, provide the date of formation and give the Social Security number of an authorized representative. An EIN gets issued to the business as soon as the online or telephone session concludes. Also, Florida LLCs can get an EIN from the IRS by mail or fax. Allow up to four weeks to receive an EIN when mailing Form SS-4 to the IRS, or as long as four business days when you fax the form.
Form 8832
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Florida LLCs can elect taxation as a corporation by submitting Form 8832 to the IRS. You must furnish the name, EIN and location of the company. Check the appropriate box to indicate the company wants to get taxed like a corporation. The election cannot take effect later than 12 months from the time the document gets filed. Furthermore, the election cannot take effect more than 75 days before it gets filed with the IRS.
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